Everyone expected Ethereum, but instead, Bitcoin (BTC) delivered a new ATH. Late last night, and then into the early hours, it reached its new all-time high of $124,517, hitting it at 2:00 AM. Since May 8, BTC has now closed above $100,000 for 98 consecutive days.
New Bitcoin All-Time High
Since the start of 2025, BTC has already posted five daily closes at a new ATH. This is the sixth.
New Crypto Market Cap Record
With this move, Bitcoin’s market cap now stands at $2.45 trillion, while the total crypto market cap has hit another record at $4.12 trillion.
The altcoin market cap (TOTAL3) has yet to reach a new peak, currently at $1.1 trillion — still below the December high of $1.16 trillion.
Bitcoin Dominance Still Falling
Despite the new ATH, BTC dominance is declining, now at 59.4%, while altcoin dominance — particularly Ethereum’s — is rising. This signals altcoins outperforming BTC. Technically, breaking below 60% BTC dominance opens the door for further downside.
Bitcoin’s Journey to ATH
From the first ATH in November 2021 at $69,000, BTC fell to a November 2022 low of $15,479. From there, the leg up began, driving the rally over the past two and a half years with new highs, consolidation phases, and corrections. Over the last 12 months, from August 2024, BTC has risen from $49,577 — a gain of almost +150%.
BTC Up +150% Since August 2024
With August’s rally, Bitcoin is logging its fifth consecutive positive month, a streak seen only seven times in its history. The longest streak was seven months (September 2023 – March 2024).
Daily Chart Overview
From the June low of $98,240 (the last intraday dip below $100K), BTC surged to the July 14 ATH, then entered consolidation, pulling back to test the 50-day SMA before resuming its rally in early August.
After facing resistance at $117,500, BTC broke out and reached the new ATH of $124,517 overnight.
Currently, BTC is slightly retracing, with a candle outside the upper Bollinger Band. It’s too early to call a reversal. Immediate short-term support is at $119,770, with stronger support at $118,250.
The fast RSI confirms BTC’s strength, entering overbought territory — though this isn’t automatically a reversal signal. Notably, RSI is still below the July peak.
